Sherri Shepherd says she's leaving 'The View'

In a statement Thursday, Shepherd says that after "careful consideration" she has decided it's time to move on. She says she's looking forward to business opportunities ahead.

According to a person familiar with the situation, Shepherd was negotiating a new contract, and she and ABC failed to reach an agreement. The person wasn't authorized to discuss the matter publicly and spoke on condition of anonymity.

A request for comment from the series' network spokeswoman, Lauri Hogan, was not immediately returned.